question 2 Whispering Winds Company incurs the following expenditures in purchasing a truck: cash price $43,000, accident insurance (duringuse) $4,200, sales taxes $3,100, motor vehicle license $200, and painting and lettering $500. What is the cost of the truck?Cost of the truck$

Given information:Expenditures in purchasing a truck:cash price = $43,000accident insurance (during…

Answered: Whispering Winds Company incurs the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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This is not correct -The expense should include the painting and lettering The total cost is 27,800? Please advise. Am I correct? 1 Ross Company incurs these expenditures in purchasing a truck: cash price $25,000, accident insurance (during use) $2,000, sales taxes $1,080, motor vehicle license $400, and painting and lettering $2,800. What is the cost of the truck? check_circle Expert Answer thumb_up thumb_down Step 1 Answer: Cost of Truck include following expenditure: Cash Price $25,000 Sales tax $1,080 Total cost is $ 26,080. Ross company should not include the expenses related to accident insurance, motor vehicle license and painting and lettering in cost of the truck by capitalizing the same as they are expensed in the period in which they are incurred. Step 2 Therefore the cost of truck in cash price and sales tax being paid in acquiring the truck by the Ross company.
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Whispering Winds Company incurs the following expenditures in purchasing a truck: cash price $43,000, accident insurance (during use) $4,200, sales taxes $3,100, motor vehicle license $200, and painting and lettering $500. What is the cost of the truck? Cost of the truck $